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  "documentTitle": "WSP Global Inc. (WSP)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-04-03 00:00:00",
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  "notes": "The slide uses a comparison table to contrast reported results with 'Spruce Point Adjusted' results, highlighting that the adjusted figures align more closely with street estimates.",
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      "text": "Street Estimate: $1.91",
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      "text": "Street Estimate: $522",
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      "text": "Spruce Point believes that WSP's Q4 2023 results would be less spectacular if results are adjusted for a reversal of provisions related to the Wood E&I acquisition.",
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      "text": "Adjusted EBITDA: $515.3",
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      "text": "Spruce Point believes that WSP's Q4 2023 results would be less spectacular if results are adjusted for a reversal of provisions related to the Wood E&I acquisition.",
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      "text": "\"Q4/2023 adjusted EBITDA increased 18% y/y to $525 million, in line with the FactSet consensus of $522 million and our $527 million estimate\" and \"Management continues to deliver impressive EBITDA margin improvement WSP's Q4/2023 adjusted EBITDA margin increased 150 bps y/y to 19.0%.....\" — Canaccord, 2/8/24; \"Adj. EBITDA of $525 mm beat Stifel's $518 mm by 1.4% and FactSet consensus of $522 mm by 0.6%. Adj. EBITDA margin of 19.0% was very strong and came in higher than our forecast of 18.2% and the Street at 18.7%. EPS was $1.99, 4.2% higher than us at $1.91 and 3.8% higher than the Street at $1.91.\" — Stifel, 2/29/24",
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      "text": "Source: WSP results and Spruce Point analysis. Based on a 19.7% effective tax rate and 124.95m diluted shares",
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      "text": "WSP vs. Spruce Point Adjusted Results table showing EBITDA, Net Income, and EPS adjustments.",
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      "kind": "title",
      "text": "WSP's Provision Reversal Had A Potentially Large And Beneficial Impact To Q4 Results",
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